Enbridge (ENB) Stock Lower Ahead of Q3 Results

Enbridge (ENB) will post 2016 third quarter earnings before the opening bell on Thursday.

NEW YORK (TheStreet) -- Shares of Enbridge (ENB) were falling in mid-afternoon trading on Wednesday as the company prepares to report 2016 third quarter results before Thursday's market open.

Analysts surveyed by FactSet project that the Canadian energy infrastructure company will post adjusted earnings of 39 cents per share on revenue of $6.49 billion.

In the same quarter last year, Enbridge reported adjusted earnings of 36 cents per share on revenue of $6.32 billion.

In September, Enbridge said that it would buy natural gas infrastructure company Spectra Energy (SE) for about $28 billion. The deal would create the largest North American energy infrastructure company with an enterprise value of roughly $127 billion.

The transaction is expected to close in the 2017 first quarter.

Additionally, oil prices were slumping this afternoon after the biggest weekly build in U.S. crude stockpiles on record, according to Reuters.

The Energy Information Administration said earlier today that crude inventories rose by 14.4 million barrels last week to total 482.6 million barrels.

Wall Street was looking for an increase of 1.0 million barrels, Reuters reports.

Crude oil (WTI) was down 3.11% to $45.22 per barrel while Brent crude was lower by 3.10% to $46.65 per barrel this afternoon.

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